Mumbai based IntelleGrow announced fund raise of Rs.134 crore in Equity and long term debt from Triodos, Developing World Markets (DWM), Omidyar Network (ON), Calvert Foundation and Overseas Private Investment Corporation (OPIC). IntelleGrow is India’s largest venture debt firm.

IntelleGrow, promoted by Intellecap group, is a lending platform providing cash flow based debt product to early stage, high risk, high growth underbanked companies in India.  Conceptualized by Intellecap as a pioneering initiative in the Impact Venture Debt stage for Micro, Small and Medium enterprises, Intellegrow has received support from the Shell Foundation both financially and strategically during its early years. Omidyar Network (ON) and Michael and Susan Dell Foundation (MSDF) participated in earlier capital raise for IntelleGrow’s.

Vineet Rai, Chairman of IntelleGrow said “Indian early stage ecosystem has been starved of quality debt providers who could offer cash flow based lending. IntelleGrow pioneered this concept with an impact thesis and the current fund raise would allow us to provide substantial funds to start up ecosystem in India.”

IntelleGrow has so far funded 100 enterprises across various emerging themes and its portfolio include cutting edge technology startup such as SEDEMAC, ATM management company Electronic Payment System, and ophthalmologic companies such as EYE-Q. The unique model of IntelleGrow encompasses funding to the enterprises at all stages of Growth, both directly and indirectly.

IntelleGrow is one of the few Venture Debt firms across the world that has leveraged their balance sheet at their nascent stage. It has borrowings from 11 lenders – including two Foreign Portfolio Investors (FPIs).

Nitin Agarwal, Deputy Chief Executive Officer of IntelleGrow said “We are delighted to have reputed global investors such as Triodos and DWM join us to support our mission. We believe our emerging partnership with OPIC and Calvert Foundation will strengthen our ability to support more enterprises in India.”

This fund raising comes in the backdrop of thrust on Make in India campaign besides the Start-up India and Stand-up India also creating an ecosystem projected to further improve the GDP contribution and employment generation by early-stage enterprises in India.

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